The basidiomycete Phanerochaete chrysosporium is a model of ligninolytic fungus which has been studied for a long time. The lignin degradation mediated by this fungus occurs through oxidative processes involving a large set of extracellular enzymes including lignin oxidases and lignin-degrading auxiliary enzymes. In this context, the production of reactive oxygen species (ROS) by this fungus occurs in physiological conditions, that is, during the wood degradation. Ligninolytic basidiomycetes have thus had to develop strategies to protect themselves against oxidative damages induced during lignin oxidation. The excretion of extracellular ligninolytic enzymes is indeed linked at least partially to the fungal intracellular redox state, suggesting a relationship between the intracellular antioxidant system and the production of extracellular ROS by this fungus. This review describes the extracellular systems involved in ROS production, the intracellular systems protecting against ROS, as well as the relationship between them.